Exercise #3: Conceptos Bsicos de la Contabilidad Gerencial Basic concepts of managements accounting Determine if each description relates to financial or managerial accoun a. Reports are prepared according to inquiries made of management. b. Reports focus on the company as a whole. c. Management uses the report, along with parties outside of the company. Exercise #4: Conceptos Bsicos de la Contabilidad Gerencial (Basic Concepts of management accounting) In the introduction of its new purses, My Littlet Diva incurs the following expenses: $4,000 for direct materials, $1,200 for office supplies, $12,000 for sales salaries, $7,300 for production wages. $1,112 for office depreciation, and $1,700 for production facility utilities. How much does the company incur for product and period costs? Also, distinguish the period costs by either selling or administrative expenses. Product: Period: Selling: Administrative